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Sensex fails to retain early gains, ends flat

Source : SIFY
Last Updated: Wed, Feb 20, 2013 10:50 hrs
Sensex drops 0.7 pct; banks down ahead of GDP data

The Indian stock market opened on a rousing note on strong global cues, retreated soon and even saw a couple of brief spells in negative territory due to profit taking and finally ended the session flat.

The BSE benchmark Sensex, which declined to 19,619.89 in afternoon trades, after surging to 19,742.42 earlier in the day, ended the session with a small gain of 7.03 points or 0.04% at 19,642.75. The Nifty index of the National Stock Exchange closed at 5943.05, off the day's high of 5971, recording a gain of 3.35 points or 0.06%.

Metal, capital goods, consumer durables and FMCG stocks ended weak. Bank and power stocks too mostly closed on the negative side. Automobile and healthcare stocks turned in a mixed performance, while oil, realty and information technology stocks posted smart gains.

Reliance Industries jumped more than 3%, on the back of reports that the company and its two partners- BP and Niko Resources plan to invest over $5 billion over the next three to five years in the KG-D6 block to develop around 4 trillion cubic feet of discovered natural gas reserves.

Sun Pharmaceutical Industries, Hero Motocorp, Coal India and GAIL India gained 1% - 1.4%. Dr Reddy's Laboratories, Tata Consultancy Services, HDFC Bank, Wipro and Tata Power also closed on a firm note.

DLF, which was the top gainer in the Nifty index, moved up by 3.6%. Ambuja Cements gained around 3.5% and BPCL notched up a gain of 3.3%. HCL Technologies ended 2.5% up. ACC, Grasim Industries and Punjab National Bank closed with modest gains.

Tata Steel declined by over 2%. IDFC, Jindal Steel & Power, Bharti Airtel, Cipla, Jaiprakash Associates, Siemens, State Bank of India, ICICI Bank and Kotak Bank lost 1% - 2%. Cairn India, Tata Motors, BHEL, NTPC, Hindalco and Sesa Goa also closed notably lower.

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